Miners in a Conundrum
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Saturday,June 13 2020 [ Issue 2 June/ 2020 ]
Miners in a Conundrum
With the lockdown making its impact on logistics and import-export of diamonds, world’s diamond producers are facing the problem of surplus production. India's gemstones craftsmen are out of work most of them have migrated to their villages. Smaller diamond producers have reduced their own prices.

  The five largest diamond producers have perhaps stockpiled "excess inventories" of about $3.5 billion and could touch $4.5 billion, or one-third of yearly production, by the end of 2020.

They are saddled with billions of dollars in extra diamonds. It’s presented a conundrum as the field’s top firms are trying to reduce billions in stocks without simultaneously harming economic recovery. Miners are trying every trick in the book, but nearly nonexistent demand coupled with weak prices and the smaller miners offering stones in heavily discounted prices is not really helping!

 
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Highlights
The Hong Kong Trade Development Council (HKTDC), organiser of the Hong Kong International Diamond, Gem and Pearl Show and the Hong Kong International Jewellery Show, announced that its fairs will now be held concurrently from
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De Beers announced the launch of its entirely customer centric website, debeers.com. With a unique offering among the fine jewellery industry, this unveiling affirms De Beers’ position as the Home of Diamonds. The new w
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In May 2020, ALROSA Group sold $40.1 million worth of rough and polished diamonds. The revenue from rough diamond sales sequentially grew to $36.2 million, and from polished diamond sales −to $3.9 million. ALROSA’
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As consumers in the US reassess their purchasing behaviour in light of the COVID-19 pandemic, gifts that are meaningful and that retain their value will be the priority as people emerge from lockdown, according to new researc
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CIBJO, the World Jewellery Confederation, has announced that its annual congress, which this year was scheduled to have taken place in Dubai, UAE, October 5 to 7, will be postponed to 2021, as a result of the COVID-19 global
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The pieces will be sold by Diamonds That Care, the newly launched social responsibility initiative of Alrosa, the world’s largest diamond mining company. The initiative’s main idea is that every diamond should hel
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This beautiful piece comes with a heartfelt message embedded within as 50% of the purchase price* from the sale of each piece will be donated to The Hunger Project UK, in support of their work empowering people across Africa,
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Gem Jewellery Export Promotion Council (GJEPC) has appointed Colin Shah as the new chairman for the next two years from 2019 to 2021. Shah will take over from the outgoing chairman Pramod Kumar Agrawal. Vipul Shahwill be the
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The World Federation of Diamond Bourses (WFDB) is inviting key players in the global diamond and jewellery industries to join its ranks, in an effort to expand the influence and the relevancy of the organization, which was fo
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The Lomonosov Division of Severalmaz, a subsidiary of ALROSA Group, will decrease its 2020 diamond output. This decision was driven by the closure of the Group’s key sales markets and a slump in demand for diamonds amid
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With an innovation and research at the core of its business, DDPL for the last four decades has continued to bench-trend in the gem and jewellery business with introduction of technology that set new highs for the diamond ind
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WDC helping implement industry-wide governance practices that positively improve all stakeholders’ lives, says outgoing WDC President.Edward Asscher is the new President of the World Diamond Council (WDC), the internati
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